Sign in to follow this  
Followers 0
sh33pymd

Miss Hong Kong 1995 Winnie Young sued for beauty pageant crown and California house over HK$3.76 million debt

9 posts in this topic

Source: SCMP/Ming Pao

c2094410-67d4-11e8-8f2e-7970b9e180c8_128

 

9472f28a-67d4-11e8-8f2e-7970b9e180c8_600x_084805.JPG

 

f92d911d0a82c03be288bb721873aa65.jpg

f92d7116b0a11f5b6862319161f495df.jpg

A former Miss Hong Kong is being sued for her beauty pageant crown as part payment for HK$3.76 million (US$479,000) in unpaid debt owed by her and her husband, a court writ shows.

Winnie Young Yuen-yee, the 1995 winner, and her partner, Wong Shuai-fun, pledged Young’s crown as collateral along with a property in the United States to secure a loan three years ago for their Samoa-registered business Little Einstein Academy. The couple borrowed HK$2.4 million from Trinity Aim Capital Limited for the venture, which was based out of CC Wu Building in Wan Chai. The money was granted between December 2014 and November 2015, but due to their failure to repay in full, the debt has since snowballed to HK$3.76 million including interest, according to a writ filed last Friday by the creditor.
 
Trinity Aim Capital has lodged a civil suit asking a court to compel the couple to hand over the beauty crown and house in San Francisco, California. “Wrongfully ... the defendants have failed to deliver the pledged properties to the plaintiff, even after the ... default occurred,” the writ said. It is not the first time the former beauty champion has faced legal action. In March Young became the target of a lawsuit filed by a kindergarten of which she was a director. Steam International Kindergarten accused her of transferring fees amounting to HK$147,000 into Marker Spaces Limited, another company she owned. Her husband had earlier filed a winding-up order to close a kindergarten called Golden Gate, for which he was a creditor. Young had opened the business but later shut its doors. Wong’s order was an attempt to recoup part of the couple’s investment in the project, but the High Court in February refused the application.

In the present case, lawyers for Trinity Aim Capital said the couple’s company had first asked for a loan of HK$2 million in December 2014. They then repeatedly postponed the dates of repayment and failed to keep up with the instalments, the creditor said. A further HK$400,000 was requested and granted in November 2015, the lender said, but since then the failures to repay had continued, prompting the court action.

Mandy Cho, Miss Hong Kong in 2003, once told local media her crown was worth about HK$1.4 million. Lukfook Jewellery, which has been sponsoring the crowns for the beauty pageant, said in 2011 the price had risen to HK$3.5 million. The 2016 crown was reportedly worth HK$4.6 million. It is often decorated with diamonds and gold. 

 

Share this post


Link to post
Share on other sites

wah isit she gamble or wat lol why own pp $$$

Share this post


Link to post
Share on other sites

Company problem or gamble too much or whatever reason. If you can't repay then they take the collateral, that is not wrong.

1 person likes this

Share this post


Link to post
Share on other sites

People are very trick when dealing in the business issue. Even though she was a former Miss HK as well

Share this post


Link to post
Share on other sites

Oh dear, one may not be thinking a former miss Hk can run into trouble like this, business and the crown of miss hk?.  This is new to me involving the crown.

Share this post


Link to post
Share on other sites

Thats unfortunate of them to be in debt, hopefully they will be able to resolve it soon... but its first time to read about using a pageant crown as collateral.

Share this post


Link to post
Share on other sites

Can't believe this is happening to her. I thought she is doing well financially

Share this post


Link to post
Share on other sites

She is quite a good actress. I have seen her in quite a number of tvb dramas and she was doing pretty well. It must really be tough on her to use her prized pageant crown as collateral. I felt sad for her and hope things will work out soon.

Share this post


Link to post
Share on other sites

well that kinda bites...hope things turn out better for her later

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now
Sign in to follow this  
Followers 0